Duties Bill turns into a blockbuster

ACCOUNTANTS were grappling with a 450-page Finance Bill on Wednesday and complaining how little time they had to give it proper scrutiny. The Bill unveils a new Stamp Duty Land Tax, fleshing out Gordon Brown's Budget duty proposals.

It proposes fines of up to £2,500 for some 'importers', sparking fears that they would hit 'booze cruises'. But Customs & Excise says they are aimed at a growing scam, where VAT is reclaimed on cross-border trade in mobile phones and computer chips.

National Savings & Investments gets new powers to offer more accounts, and cashpoint cards.

The Treasury said the Bill contained no new tax proposals. PricewaterhouseCoopers tax partner John Whiting saw evidence of tough anti-avoidance measures, including new powers to monitor savings income and combat cross-border tax evasion. There are 70 pages of new rules on share options. The Bill is bound to renew concerns about the burden of red tape